Institutional Investors Heterogeneity, Future Earnings and The Informativeness of Stock Prices

被引：1
|
作者：
Ding Fangfei [1 ]
Hou Ningning [1 ]
Li Su [1 ]
机构：
[1] Hunan Univ, Sch Commercial & Management, Changsha 410006, Hunan, Peoples R China
来源：
2013 THIRD INTERNATIONAL CONFERENCE ON INTELLIGENT SYSTEM DESIGN AND ENGINEERING APPLICATIONS (ISDEA) | 2013年
关键词：
Pressure-resistant institutional investors; Pressure-sensitive institutional investors; Abnormal return; Unexpected earnings;
D O I：
10.1109/ISDEA.2012.210
中图分类号：
TP18 [人工智能理论];
学科分类号：
081104 ; 0812 ; 0835 ; 1405 ;
摘要：
this paper test the effects of different institutional investors on the extent to which stock prices reflect future earnings. The study find that the extent to which stock prices reflects future earnings increases with the institutional ownership. but further divided into types of institutional investors, only pressure-resistant institutional investors can significantly enhance the in formativeness of stock prices for future earnings while pressure-sensitive institutional investors cannot. So it can be said that the incremental impact of institutional investors on the extent to which stock prices reflect future earnings due to pressure-resistant institutional investors.
引用
收藏
页码：887 / 890
页数：4
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